What changed your market while you were sleeping
NEW DELHI: The domestic equity market shut shop at yet another peak on Thursday. However, nervousness has set in and some analysts believe the market may take a breather on Friday amid strong volatility.
Here’s a look at some major news and events that might influence the market through the day:
Singapore trading sets stage for flat start
At 7:32 am, Nifty futures on the Singapore Stock Exchange were trading 9.50 points, or 0.09 per cent, up at 10,821, indicating a flat start for the Nifty50 in India.
Asian stocks on a high
Asia stocks edged higher on Friday and were within reach of record highs, although losses on Wall Street slowed the advance, while worries over a possible US government shutdown weighed on the dollar. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1 per cent. Australian stocks were mostly flat, South Korea’s KOSPI climbed 0.1 per cent and Japan’s Nikkei rose 0.2 per cent.
Wall Street pauses rally
US stocks fell on Thursday as losses in industrials and interest-rate sensitive sectors offset marginal gains in tech stocks. The Dow Jones Industrial Average fell 97.84 points, or 0.37 per cent, to 26,017.81, the S&P 500 lost 4.53 points, or 0.16 per cent, to 2,798.03 and the Nasdaq Composite dropped 2.23 points, or 0.03 per cent, to 7,296.05.
Market may see strong volatility ahead
The Nifty50 index formed a black/red candle on daily chart on Thursday. Market experts see no sign of exhaustion but believe strong volatility ahead. “We expect Nifty to face resistance at the 10,900 mark,” said Milan Vaishnav, Technical Analyst, Gemstone Equity Research and Advisory.
GST Council tweaks rates of 29 items
The government on Thursday announced a significant revamp of the goods and services tax (GST) framework, including rate cuts on 20-litre packaged drinking water, biodiesel, diamonds and precious stones, sugar candies, tailoring services, amusement parks and low-cost housing construction services. It also approved a definition for handicrafts and the designation of 40 items as handicrafts. This apart, the council also reviewed the integrated GST collections of about Rs 35,000 crore with the Centre and it was decided that this can be provisionally divided between the Centre and the states.
Big earnings lined up for today
Over 30 companies, including industry heavyweights Reliance Industries (RIL), Wipro, HDFC Bank, Kotak Mahindra Bank, ITC and HCL Technologies, are slated to announce their December quarter results. The market is likely to take major cues from the results.
Home, car loan rates likely to rise
Borrowers should prepare more for their home and car loans in the months ahead as bank rates have changed course and are now on their way up, says an ET report. Private sector banks led by Axis Bank, Kotak Mahindra Bank, IndusInd Bank and Yes Bank have all hiked their benchmark marginal cost of funds based lending rate (MCLR) by 5 to 10 basis points effective from January.